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1.94%Hong Kong Crypto Exchange HashKey Becomes Crypto Unicorn After $100M Raise
Operator of licensed Hong Kong exchange says raise will promote compliant, innovative global growth.
Updated Mar 9, 2024, 1:47 a.m. Published Jan 16, 2024, 5:23 a.m.
HashKey Group, which operates the Hong Kong-based crypto exchange, has “nearly” met its $100 million fundraising target, the firm said on Tuesday.
HashKey announced the fundraising round in August, shortly after it won a license from Hong Kong’s security regulator to offer retail crypto trading. The firm did not disclose the investors in the round and now has a valuation of $1.2 billion post-raise, giving it a “unicorn” status.
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Unicorn is a term used to describe private companies with a valuation of $1 billion or more.
🔥BIG NEWS!
— HashKey Group (@HashKeyGroup) January 16, 2024
We are proud to announce the completion of a Series A financing round of nearly 💰US $100 million at a pre-money valuation above 💰US $1.2 billion.
The newly raised capital will be used to :
🗝️Solidify HashKey's #Web3 ecosystem
🗝️Accelerate the product… pic.twitter.com/EgpWA04SRN
In October, CoinDesk reported that crypto fundraising in the third quarter of 2023 reached a three-year low of $2.1 billion across 297 deals, the smallest since Q4 2020, amid an industry downturn exacerbated by FTX’s collapse, with a shift in focus towards early-stage and infrastructure projects.
However, given the dynamic rally bitcoin and other major digital assets had in the fourth quarter of 2023, along with the recent approval of the bitcoin ETF, many funds are changing their tune and have a sense of optimism going into 2024.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
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